Indian stocks joined a global sell-off on Monday, though markets ended well off their day’s lows, led by gains in select IT and financial shares.
Global sentiment was fragile amid lingering concerns about high inflation, rising interest rates and a tightening lockdown in Shanghai.
The benchmark S&P BSE Sensex hit as low as 53,918.02 before recovering significant ground to end the session down 364.91 points, or 0.67 percent, at 54,470.67.
The broader NSE Nifty index settled 109.40 points, or 0.67 percent, lower at 16,301.85, after having hit an intraday low of 16,227.70.
The rupee hit a record low or 77.43 against the U.S. in the afternoon amid relentless selling by FIIs.
Market heavyweight Reliance Industries slumped 4.3 percent after it reported a 22.50 percent year-on-year rise in consolidated net profit for the March quarter, missing Street estimates.
Tata Steel, IndusInd Bank, Hero MotoCorp and Nestle India all fell around 3 percent.
PSU stocks were in demand, with Power Grid Corp shares climbing 3.1 percent.
HCL Technologies rallied 3.1 percent after it signed a pact to acquire Switzerland-based Confinale AG to increase its footprint in the global wealth management market.
Divis Laboratories, Bajaj Auto and Infosys all rose around 2 percent.
Market Analysis
Sensex, Nifty End Off Day’s Lows
2022-05-09 10:34:27
